Bitcoin Takes Aim at Multi-Year Resistance as it Heads to $10,000
cryptobriefing.com
15 May 2020 03:50, UTC
Bitcoin is breaking out as demand continues rising, but there is a major resistance barrier sitting ahead that could put a stop to its advance.
Demand for Bitcoin Is Skyrocketing
The bulls are back and are rapidly pushing the price of Bitcoin up.
The buying pressure behind the flagship cryptocurrency continues rising as the top crypto has surged over 20% in the past few days. Such a considerable upswing enabled BTC to recover the losses incurred over the weekend.
Now, some of the most renowned figures within the crypto community believe that this price action s a direct result of the recent halving.
Data from Santiment reveals that the number of BTC “hodlers” is increasing at an exponential rate.
Addresses with 0.001 to 100 BTC have gone parabolic over the past six months while big players with 1,000 to 10,000 BTC began accumulating in early April.
Bitcoin Holders Distribution by Santiment
Though these data sets indicate that the demand is palpable, there are different ways to interpret the price action from a technical perspective.
The Infamous Golden Cross
First and foremost, Bitcoin appears to have formed a golden cross within its 1-day chart. This technical pattern developed the moment the 50-day exponential moving average crossed above the 200-day exponential moving average.
Some of the most prominent technical analysts in the industry see this pattern as one of the most definitive buy signals prior to a bull market.